It is simply not going to work..
Airport is not designed for NAS type work.. and the use of accounts on the Extreme.. which can be done.. and will give you full protection.. also stops you accessing all the existing files.. You need to set this up from scratch with empty disks..
What you can do is setup a virtual disk on the USB drive and password that.
You will need to copy all the files off the drive.. reformat it.. plug it into the extreme.. then create a disk image on it.
You can create DMG file or Sparsebundle..
Then copy your files to it. However the one limitation is that only one computer at a time can open the disk image.. it cannot be mounted from more than one computer.
Let me suggest to move forward.. buy a proper NAS... the introductory level devices like WD MyCloud are not expensive but offer hugely improved data controls than the AE with USB disks.. or go up to Synology etc and do it with full blown NAS.. but that will cost you.